Economic Restructuring in East Asia and India: Perspectives by Pradeep Agrawal

By Pradeep Agrawal

This publication presents a comparative photograph of the restructuring reviews of 5 Asian economies: South Korea, Singapore, Indonesia, Thailand and India. in relation to Indonesia and Thailand, the point of interest is on short-run structural adjustment measures, and in relation to South Korea and Singapore, the emphasis is on long term business, alternate, labour and monetary quarter regulations. The bankruptcy on India perspectives the country's financial improvement within the mild of the above research. The political economic system of the policy-making method is tested in each one case.

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Gokarn 31 the result of changing consumer preferences; the second, probably due to quality upgradation in the quest for higher-priced market segments. What emerges is that while the Korean industrial transformation of the 1970s generally dissociated technology acquisition from capital acquisition, there was a niche left for DFI, which could logically be defined by a lack of indigenous technological capabilities. To some extent, the strategy proved workable because of the easy borrowing conditions that Korea faced in the early 1970s But it also required significant efforts on the part of local industry to successfully assimilate foreign technology.

The extent of policy or priority sector loans and their purpose, whether these are subsidized and to what extent, and their default rates are examined. We also try to look into whether the government direction of credit contributed to increasing investment and growth or the reverse. The structure of the banking industry affects its performance and efficiency which in turn affects the banks' ability to collect savings and channel them into productive investments. We consider some issues of interest in this regard: (i) whether the ownership of banks is private, public or mixed, (ii) whether the industry is competitive or oligopolistic and the extent of entry restrictions on new banks, (iii) how far it is controlled or regulated in terms of interest rates, spreads between lending and deposit rates, and whether service charges are competitively determined or regulated by the government or the central bank.

Secondly, the periods of highest real wage increases coincided with effecti ve depreciation of the won. These two movements neutralized each other to some extent. This can be interpreted in two ways: either the full competitive effects of depreciation were dampened by wage increases, or gains from exports during depreciations were directed to labour, without weakening competitive positions. The ground we have just covered provides a setting for the discussion of specific issues in the next section.

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